In many areas of the world, business has been established for generations and it is not uncommon to see women working in the area. In frontier markets, such as in Africa, women are beginning to do business as well and they are taking to it in a large way.
There are some things to consider, which will help women to find the success that they need in the African market. Here are some considerations that can help a woman to get a business up and running so that she can care for the needs of herself and her family.
First of all, it is important to understand that most businesses are going to need some type of financing, although that need is going to differ from one business to another. This is true of large businesses that are going to have an international market as well as small businesses, such as those who are selling vegetables at a market. Many women that need to get a business started to take care of their families are going to be living below the poverty level. That can make a very difficult for them to have what is necessary to start the business and to see any level of success. What can be done in that instance?
Something that has become very popular in recent years is the availability of microloans. These loans can provide women in Africa and in many other areas of the world with a small amount of financing without the need for collateral. For example, you can use micro-finance to get a loan for $50 or $100 in order to get the initial supply that you need to sell at the market. The profit from those items could be utilized to purchase a new supply, to take care of your family and to repay the microloans. As your business continues to grow, you can provide more for the needs of your family and you will become self-sufficient.
In today’s world, you also need to consider the fact that technology is necessary to operate a business successfully. Certain cultures in Africa may limit what a woman can do while operating a business, such as traveling for longer distances. Technology can help a business woman to overcome this problem, allowing her to maintain contact with customers in different areas without having to travel. Technology will also help a woman to have access to the information that she needs so that she can improve on her business practices or to find lower-cost items that she can use to make a larger profit.
As the African market continues to emerge, more and more women are going to be able to take advantage of opening and operating their own business. There are also going to be additional opportunities for women to take the lead in some of the larger businesses that have an international reach. With additional education and the possibility for financing, we will continue to see this shift takes place.
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From The VestaTrader Blog, post Doing Business in Africa
